Colleague Hassan Magdy presented special coverage with colleague Ahmed Hassan, the official in charge of the housing file, on the Seventh Day, revealing the readiness of the Ministry of Housing, Utilities and Urban Communities to launch the largest package of diverse housing proposals during the coming period, most notably private rental apartments allocated to families in need at nominal prices starting from 500 pounds.
These moves come in implementation of the “Housing for All Egyptians” initiative, to provide appropriate housing units that suit all segments of society, including the limited, the middle, and those with low income, while creating flexible mechanisms that ensure continued support for deserving groups.
Details of rental apartments for self-employed and vulnerable professions
The Ministry of Housing, through the Social Housing Fund, aims to introduce a new phase of symbolic rental apartments specifically directed to citizens whose monthly income is less than 2,500 pounds, and who do not have a fixed income, such as daily workers, widows, and divorced women. The rental value of these units ranges from 500 to a maximum of 1,000 pounds, and the contract period is up to 7 years, subject to renewal.
The Ministry grants an exceptional advantage to tenants that allows them to apply to own the residential unit if their financial conditions improve during the rental period, as the price of the apartment is calculated according to the prevailing price at the time of submitting the ownership application and not at the time of receipt. The basic document for acceptance into this offer is to conduct a “social research” approved by the Ministry of Social Solidarity to prove the state of financial inability and ownership.
Map of new proposals for low- and middle-income people
In a related context, the Fund is preparing to launch the “Housing for All Egyptians 9” project directed to low-income people, which includes no less than 55 thousand housing units distributed among 15 new cities in various governorates, including October Gardens, New October, Badr, Capital Gardens, New Burj Al Arab, and Upper Egypt cities such as Sohag and New Assiut, where the state provides direct cash support to beneficiaries ranging from 60 to 80 thousand pounds to reduce installments, with interest. Discounted real estate financing of 8%.
As for middle-income people, about 2,000 housing units are scheduled to be offered for immediate receipt within a few months of submission, at competitive prices that were implemented earlier. These projects complement the free and luxury housing theses with the projects (Jannat Misr, Dar Misr, and Sakan Misr) in the most attractive cities such as Sheikh Zayed and New Cairo, which are sold at market value with the aim of using their profits to spend on social housing projects and supporting families in need.
